Russ Berrie has gained almost 30 per cent in net sales during Q3, driven by strong sales of its Shining Stars and Yomiko product lines.
The firm reported sales in access of $100 million for three months, ending September 30th, compared to $78 million for the same period in 2006.
Net income for the firm also increased considerably from $0.3 million in 2006 to almost $14.3 million.For the nine months ending September 30th, it posted a net income of more than $17 million compared to its net loss of almost $11 million for 2006.
Andy Gatto, president and CEO said the firm is pleased with its delivery of top-line and bottom-line growth.
“We believe we have largely achieved our near-term goals for these programmes – which were to streamline our operations and create a balanced business portfolio that would allow us to deliver profitability for our gift segment while growing the profitability of our infant and juvenile segment,” Gatto said.
“Our refreshed line of differentiated and compelling products in both our gift and infant and juvenile segments has been well received by retailers and consumers alike,” he said.
“Furthermore, we have also been expanding our distribution of both segments’ product lines into new channels and geographic markets.We believe that all of these accomplishments have provided us with new opportunities for long-term growth, and we are optimistic about the future.”